There’s this consensus that people who come from money are at an advantage, Redfin’s chief economist, Daryl Fairweather, explained—but it made her think: how does family money play out in the housing market, she told Fortune.
Redfin conducted a survey of recent movers earlier this year, and found that 38% of more than 500 buyers under the age of 30 either used a cash gift from a family member or an inheritance to afford their down payment, making them what Fairweather calls, “nepo-homebuyers” (clearly a play on nepotism—giving power/favors to relatives), which she’d recently written about as a Forbes contributor.
